ADP
Runs payroll, human capital management and outsourced HR for employers of every size.
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Profile
Sells cloud payroll and human capital management software and services spanning HR, time, talent, benefits and compliance, with products for small businesses through global enterprises. Revenue combines recurring Employer Services fees, US co-employment outsourcing through ADP TotalSource, benefits pass-throughs and interest earned before client payroll and tax funds are remitted.
Processes payroll and supplies cloud-based human capital management across the employee lifecycle, spanning HR, time, talent, benefits, compliance, retirement and workforce management. Employer Services sells RUN Powered by ADP, ADP Workforce Now, ADP Lyric HCM and ADP Global Payroll to organizations ranging from small businesses to global enterprises. PEO Services delivers ADP TotalSource, a US-only co-employment and HR outsourcing offering.
Operations are anchored in the United States, while payroll and HCM offerings reach employers across North America, Europe and other international markets. Recurring client relationships, broad compliance expertise and a large payroll dataset support product development and service delivery. Revenue also includes interest earned while client payroll and tax funds await remittance. Money movement is regulated, changes in employment and tax rules affect products, and TotalSource assumes specified employer obligations under its co-employment model.
Company facts
Key statistics
Year to date +13.6% · Average volume (30d) 2.3M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Aug 3, 2026 | Cantor Fitzgerald | Reiterate | Overweight | $294 | $310 | |
| Aug 3, 2026 | Goldman Sachs | Upgrade | Buy | |||
| Jul 30, 2026 | Morgan Stanley | Reiterate | Equal Weight | $240 | $286 | |
| Jul 30, 2026 | Guggenheim | Reiterate | Buy | $300 | ||
| Jul 29, 2026 | Jefferies | Reiterate | Underperform | $190 | $225 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Jul 29, 2026Q4 FY26 | $2.59 | $2.64 | +1.9% | $5.44B | $5.47B | +0.7% | +3.48% |
| Apr 29, 2026Q3 FY26 | $3.30 | $3.37 | +2.1% | $5.85B | $5.94B | +1.5% | −1.45% |
| Jan 28, 2026Q2 FY26 | $2.57 | $2.62 | +1.9% | $5.34B | $5.36B | +0.4% | −1.88% |
| Oct 29, 2025Q1 FY26 | $2.44 | $2.49 | +2.0% | $5.14B | $5.18B | +0.8% | +0.12% |
Financial highlights
| 12 quarters | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $5.55B | $5.13B | $5.18B | $5.36B | $5.94B | $5.47B | |
| Gross profit | $2.87B | $2.58B | $2.34B | $2.47B | $2.87B | $2.90B | |
| Operating income | $1.63B | $1.21B | −$122.5M | $1.28B | $1.79B | $1.14B | |
| Net income | $1.25B | $910.6M | $1.01B | $1.06B | $1.36B | $978.6M | |
| Diluted EPS | $3.06 | $2.23 | $2.49 | $2.63 | $3.38 | $2.45 | |
| Gross margin | 51.7% | 50.3% | 45.2% | 46.1% | 48.3% | 53.0% | |
| Operating margin | 29.4% | 23.5% | -2.4% | 23.8% | 30.1% | 20.8% |
Fiscal years (4-quarter sums)FY22 $16.50B · FY23 $18.01B · FY24 $19.20B · FY25 $20.56B · FY26 $21.95B
Revenue by product · Q4 FY26
Revenue by geography · FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $4.23B · Total debt $5.27B · Total assets $63.19B · Shareholders' equity $6.03B
Dividends
Raised for 41 straight years — most recently to $1.70 from $1.54 in Dec 2025. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Jun 12, 2026 | Jun 12 | Jul 1 | $1.70 | |
| Mar 13, 2026 | Mar 13 | Apr 1 | $1.70 | |
| Dec 12, 2025 | Dec 12 | Jan 1 | $1.70 | raised from $1.54 |
| Sep 12, 2025 | Sep 12 | Oct 1 | $1.54 | |
| Jun 13, 2025 | Jun 13 | Jul 1 | $1.54 | |
| Mar 14, 2025 | Mar 14 | Apr 1 | $1.54 | |
| Dec 13, 2024 | Dec 13 | Jan 1 | $1.54 | raised from $1.40 |
| Sep 13, 2024 | Sep 13 | Oct 1 | $1.40 |
Ownership
A 13F quarter can total more than the shares outstanding — sub-advisers file the same block twice, and a filer's own share count can be a quarter stale. No split is drawn from it.
Shares outstanding 399.73M · Float 399.03M · 99.8% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 36.16M | 9.05% | 13F | Aug 7, 2026 |
| Vanguard Capital Management LLC | 26.10M | 6.53% | 13F | Aug 13, 2026 |
| State Street Corp | 20.39M | 5.10% | 13F | Aug 7, 2026 |
| Invesco Ltd. | 13.56M | 3.39% | 13F | Aug 14, 2026 |
| Sixth Street Partners Management Company, L.P. | 12.73M | 3.18% | 13F | Aug 14, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 20, 2026 | David Kwon | officer: Corp VP | −798 | $280.00 |
| Aug 21, 2026 | Brian L. Michaud | officer: Executive VP | −120 | $279.70 |
| Jul 30, 2026 | David Kwon | officer: Corp VP | −2,414 | $265.62 |
| May 8, 2026 | Brian L. Michaud | officer: Executive VP | −848 | $212.13 |
| May 7, 2026 | Robert Holmes Swan | director | +3,619 | $206.05 |
Peers
- Paychex
Closest structural peer in SMB/mid-market payroll, HCM, and PEO services.
- Workday
Dominant enterprise HCM platform competing directly with ADP Lyric HCM.
- Paycom Software
Single-database HCM targeting mid-market accounts away from ADP Workforce Now.
- Paylocity
Cloud-native mid-market HCM with a differentiated employee experience layer.
- Insperity
Largest dedicated U.S. PEO; direct rival to ADP TotalSource.
- SAP (ADR)
ERP-rooted HCM incumbent via SAP SuccessFactors in enterprise HR and payroll.
- TriNet Group
Industry-vertical PEO for SMBs in tech, life sciences, and financial services.
- Intuit
QuickBooks Payroll contests ADP RUN in micro-SMB via accounting bundle.
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| ADP | $286.34 | −0.36% | $114.92B | 26.3 | 23.4 | 5.2 | +6.8% |
| Paychex | $127.04 | +0.02% | $45.19B | 26.0 | 21.3 | 6.9 | +12.5% |
| Workday | $204.25 | −0.23% | $53.62B | 41.8 | 17.7 | 5.3 | +13.2% |
| Paycom Software | $238.53 | +0.10% | $10.75B | 25.3 | 18.1 | 5.0 | +9.8% |
| Paylocity | $157.93 | +0.03% | $8.46B | 32.1 | 17.9 | 4.8 | +11.0% |
| Insperity | $53.54 | +0.03% | $2.04B | — | 22.1 | 0.3 | +1.7% |
| SAP (ADR) | $220.80 | −0.39% | $258.15B | 28.1 | 23.9 | 5.8 | +5.8% |
| TriNet Group | $70.27 | +0.01% | $3.23B | 18.8 | 16.6 | 0.7 | −4.9% |
| Intuit | $358.02 | +0.02% | $97.94B | 21.7 | 13.4 | 4.6 | +13.7% |
| Median | 26.0 | 18.0 | 4.9 | +10.4% |